A UBS Bulletin: focus — art-рынок. Part 1
ARTinvestment.RU   02 июня 2020

The Bank UBS launched audio-цикл of five programmes about the present and future of the art market

While the conscious part of the art market is waiting for news about a possible postponement of Art Basel from September 2020 to the usual June 2021-го, the British magazine Monocle has released the first audio-подкаст from the Bank UBS, dedicated to the art market. In recording took part the head of the analytical Department of Art Basel, the author reports The Art Market Claire McAndrew, Director of the fair for markets in the Americas, Noah Horowitz, President Christie's markets of Europe, Middle East, Russia and India Dirk Boll, Director of the Hong Kong branch of David Zwirner Gallery, Leo Xu and Swiss art-дилер prezenhuber.

AI chose the most interesting theses of issue of 1 June, which were not uttered and publicized in recent months:

1. Once again we repeat: the current combination of economic recession and a pandemic of the art market is experiencing for the first time. Predicting the future today — a thankless job, because every day there are new forms of cooperation of business and art, many of which can change the market. Sometimes you need to pause and follow the news: video — the best forecasters.

2. Don't listen to those who say that in 1991, the volume of art sales has decreased by 65% after the market had recovered to levels of the late 1980-х years for 15 years. The numbers are correct, however, in the early 1990-х was no crisis — just the market has revised the pricing principles of art and began a steady rise. He was not restored — it was formed in its present form (the reasons for the turbulence 1980-х and development of the art market, we wrote in detail here. — AI.). And 30 years ago there was no Internet, the international network of galleries and demand for contemporary art — and the market still grew.

3. Typing acceleration since the early 1990-х, the art market is relatively easy to deal with recessions, 1998-1999 and 2008-2009, the volume of sales fell by only 18 months, and then again showed an increase. Hence the following assumption: if we are dealing with the economic consequences of a pandemic recovery should be expected in a two-year term, but if COVID-19 impact on the rethinking of the approach to collecting and pricing, the process could take a decade.

4. What galleries online-режиме initially began to use the art, and not offer to refer them to a counselor, as before, largely makes pricing more transparent, especially in the primary market (traditionally non-public and closed. — AI.). The results of the sales, showing market volume, remain unknown — and today galleries and dealers have no reason to bring them to light.

5. Previously, the absence of prices as in the physical pavilion and the online-сайтах, deterred most of the potential buyers. Knowing about the high-profile sales of art objects from the news, they thought that will not find a decent job in the available price range. Research now shows that the disclosure of price information facilitates initial contact lover of art and galleries.

6. In the Treasury of lovers art-фактов: opened since 2002, the fair Art Basel Miami Beach was supposed to be running on the American continent a year earlier, butwas postponed due to the events of 11 September 2001. In that year, the "disappearance" leading to fees art-события years is not noticed almost nobody — simply because December in Miami is not standing in the chart of international collectors.

7. Today's art-коллаборации show what we could not have imagined in the past, 2019, — for example, as large dealers unite under its wing 81 local seller (the project Galleryplatform created by Jeffrey Deitch), not allowing to sink local markets, or as one of the world's leading galleries offering thousands of people from around the world to co-sponsor the installation under its brand (Davis Zwirner and the project Fortune Cookies ("fortune Cookies").

8. If the gallery in recent years have already begun the search for new forms of sales instead of fixed platforms, the auction houses are faced with changing the rules of sales it is only now, with the advent of quarantine. Auctions without pre-auction exhibitions, lively intrigue in the room, telephone sales in real time, become the maximum surprise, to which they were prepared is weaker than all the other sellers of art-рынка (on the days Sotheby's stated on a trial run of trading of the virtual Studio with a physical auctioneer, in the familiar 1980-х TV format "teleconference". — AI.).

9. From the beginning of 2020, 75 % of buyers at Christie's by the age of 70 years, bet online-режиме, and the number of private sales auction house only for the first quarter of 2020 increased by 29% in comparison with indicators just 2019 at Christie's. The main problem faced by auction house, — the impossibility of timely delivery of the acquired operations in individual countries.

10. Your future auction house connect with new customers, (exactly the same as in recent years. — AI.): in 2019 60% of new clients contacted the auction houses, pre-seeing ads in social networks or online-поиске. In 2020 the task of auction houses began to miss the Internet-канал promotion, while maintaining competition with other major private sellers, who became "virtual" from the beginning of quarantine;

11. Today online-торги auction houses contribute to the democratization of the process of buying art: an early "physical" venues could not accommodate all those wishing; in addition, a special status bids had to be invited. Simplified way of logging in to online-режиме also expands the range of customers. Positively quarantine affected niche art: it "was mixed into" to larger auctions, since the auction house did not see economic feasibility in the issuance of a separate printed catalog. Today, it's easy to do in a virtual format, and small trades with proper promotional support are quite successful.

12. Gallery after the transition to online-режим note that buyers are over the age of 60 years, until 2019, giving precedence to the Antiques and art created before 1945 and were even more buy contemporary art. Young online-покупатели start of modern art, and after, becoming more sophisticated, looking toward the art of earlier periods. The main task today gallery seehow not to lose established clients in the pursuit of "new blood".

13. Most importantly, what we are defendants in private market, galleries and art-дилеры: if yesterday to sell the art, a potential buyer needed to inspire, today it is necessary first of all to entertain. And note separately: neither one nor the other, would not work without the educated collector.

Review AI announced a cycle of five weekly editions on the art market from UBS were prepared taking into account open online-кабинетов galleries of Art Basel in late June, which will take place regardless of the fair in September. The invited experts represent different segments of the market — in fact, it is online-дополнение to the report: Art Basel & UBS. The following editions are expected to appear collectors and technological adepts. But there is one "but": if the September Basel will take the next year, the tone of the issues and reasoning of the guests will change. Roughly speaking, starting next week it can be two completely different programs, each of which would be very interesting to listen to. But in the end we will hear only one.

next Tuesday, June 9, we will present the second edition of the "Bulletin of the UBS", and also on occasion talk about the fate of Art Basel in Basel, by the time — confirmed or rescheduled.

Denys Belkevych, AI